The House that No One Wanted

[Neil Ginty]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $288,000
Cash invested: $250,000
Sale price: $675,000

This house sat on the market in midst of the pandemic housing boom for three months. It had two families in it, one rats, the other wood boring beetles! Homeowners didn't want it. Flippers didn't want it. We saw huge potential!

We saw a 2 bathrooms in ideal locations to split the house plus a 2-car garage. And a market that allowed 2 ADUs. We saw a triplex!!!

What made you interested in investing in this type of deal?

Generating cashflow in an appreciating market by being creative

How did you find this deal and how did you negotiate it?

MLS and an excellent agent. Ruben Haynes (reach out for his info!)

How did you finance this deal?

Conventional for purchase
HELOC for construction

How did you add value to the deal?

Added 2 units and upgrades throughout

What was the outcome?

Almost a full BRRR

Lessons learned? Challenges?

Everything! This was our MBA into Real Estate. Our first project and one we learned absolutely everything on. Negotiation, Project Mgmt, Working with Contractors, Refinancing, and then Leasing (and of course Repeating!)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ruben Haynes - HIGHLY recommend